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Monitoring, Control and Protection of Interconnected Power Systems
The interstate integration of power grids provides multiple advantages concerning operation security, integration of renewable energy as well as energy trading. Due to these facts grid interconnections, such as ENTSO-E in Continental Europe, expand continually since its establishment. Due to the increasing scale and distance of interconnected power systems as well as an increasing number of countries involved with increasing complexity of operation, comprehensive R&D and innovations are urgently required to assure reliable and efficient operation of power systems. In this book new tools and methods are presented for monitoring, control and protection of large scale power systems. These tools...
1913-1922
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On the Macroeconomic Consequences of Over-Optimism
Is over-optimism about a country's future growth perspective good for an economy, or does over-optimism also come with costs? In this paper we provide evidence that recessions, fiscal problems, as well as Balance of Payment-difficulties are more likely to arise in countries where past growth expectations have been overly optimistic. To examine this question, we look at the medium-run effects of instances of over-optimism or caution in IMF forecasts. To isolate the causal effect of over-optimism we take an instrumental variables approach, where we exploit variation provided by the allocation of IMF Mission Chiefs across countries. As a necessary first step, we document that IMF Mission Chiefs tend to systematically differ in their individual degrees of forecast-optimism or caution. The mechanism that transforms over-optimism into a later recession seems to run through higher debt accumulation, both public and private. Our findings illustrate the potency of unjustified optimism and underline the importance of basing economic forecasts upon realistic medium-term prospects.
The European Union beyond the Crisis
This volume explores institutional and policy developments in the EU and its member states in a parallel examination of citizens’ views of the effectiveness of crisis response reflected in public trust, output legitimacy, and satisfaction with democracy. Our approach to understanding the crisis posits EU-level governance and institutional change, national-level policymaking, and domestic politics as interrelated, interdependent domains of political action and public spheres that collectively shape the political landscape of post-crisis Europe. The volume sheds new light on the relationship among the institutional, policy, and polity consequences of the crisis. The book has two fundamental ...
